The management probably don't see themselves as caretakers of incredibly valuable resource that needs to be preserved. Which is probably what 90% of the rest of humanity want them to be.
The first version is about centralizing all informations so it can be consumed. It's the traditional view of knowledge dissemination, scaled to the whole world instantaneously. The second version is about giving people the tool to produce knowledge so it can be shared with the whole world. Just like the printing press spread authoring power from a select few people who bothered to write everything, to anyone with enough money to buy a machine, Wikipedia is giving the power to share knowledge from those who had the right curriculum to anyone with a bit of motivation.
This is the revolution that Internet and the Web promised (not just allow everyone to watch and listen, but give everyone a voice), and I'm glad Wikipedia is doing it. If it takes more money to fulfill that mission then it's totally worth it.
The 2nd is mature, focused, grounded in reality and is actually what wikimedia does. So yeah #2 100%. But then again I'm not 12.
Here's the OG version by Jimmy Wales: "The sum of all human knowledge available to every person in the world."
Here's what it currently looks like: "Empower and engage people around the world to collect and develop educational content under a free license or in the public domain, and to disseminate it effectively and globally." https://wikimediafoundation.org/about/mission/
Which one is more inspiring on all counts?